All eyes on $ETH as it continues to outperform $BTC.
Price action currently sitting around long-term average which was close to the original EOM prediction; still makes me wonder if the covid scare was a timed announcement.
Regardless, this seems to put us in a good position going into the EOY with a chance to break 5k for the first time.
It's also worth noting that IRS tax laws on crypto will only get stricter as time progresses. As someone who does this full-time, it's wise to consider when to sell certain assets or whether to sell for capital gain/loss.
For example, there are numerous NFT accounts that sell at a massive loss (tax-loss harvest) to another account they generated; this way it can be registered as a capital loss and there is no loss of NFT. Since NFTs are non-fungible (meaning that they cannot be specifically determined via asset name), one could technically use this method countless times over countless years. Although this would draw massive attention at higher levels, it's a loophole that will eventually be corrected and people are taking advantage of it. I don't see it the same as a wash-sale based on given circumstances.
With this said, always consider and be prepared for huge sellouts EOY, even if momentum seems strong. Anything can happen and it happens very fast.
If you trade crypto or plan to trade crypto it is extremely important to track all of your trades, even if they may be accounted for by the given platform. If you're not sure where to start, feel free to reach out and I can help. I also created a tool that can asset in tracking/organization. This is what I use every day and has helped greatly in determining when and how to trade.
*** Alts ***
- Held off on trades yesterday mainly because of how volatile the market was. Watching coins drop and funnel to $SHIB was also a red flag.
- Polkadot ecosystem coins are taking off lately, I plan to hold $KSM $POLK for the long-run; I trade $DOT occasionally to hit certain goals but this is also a long-term hold.
- Holding my $SOL $AURY as Solana network is still fairly new.
- $ALGO is my main trading coin; I plan to sell half my order at 1.90 and hold off on other. This is just to TP for the day.
- Might pull the trigger on $MOVR and $RMRK today at current levels. Decision based on $ETH/$BTC movement.
Price action currently sitting around long-term average which was close to the original EOM prediction; still makes me wonder if the covid scare was a timed announcement.
Regardless, this seems to put us in a good position going into the EOY with a chance to break 5k for the first time.
It's also worth noting that IRS tax laws on crypto will only get stricter as time progresses. As someone who does this full-time, it's wise to consider when to sell certain assets or whether to sell for capital gain/loss.
For example, there are numerous NFT accounts that sell at a massive loss (tax-loss harvest) to another account they generated; this way it can be registered as a capital loss and there is no loss of NFT. Since NFTs are non-fungible (meaning that they cannot be specifically determined via asset name), one could technically use this method countless times over countless years. Although this would draw massive attention at higher levels, it's a loophole that will eventually be corrected and people are taking advantage of it. I don't see it the same as a wash-sale based on given circumstances.
With this said, always consider and be prepared for huge sellouts EOY, even if momentum seems strong. Anything can happen and it happens very fast.
If you trade crypto or plan to trade crypto it is extremely important to track all of your trades, even if they may be accounted for by the given platform. If you're not sure where to start, feel free to reach out and I can help. I also created a tool that can asset in tracking/organization. This is what I use every day and has helped greatly in determining when and how to trade.
*** Alts ***
- Held off on trades yesterday mainly because of how volatile the market was. Watching coins drop and funnel to $SHIB was also a red flag.
- Polkadot ecosystem coins are taking off lately, I plan to hold $KSM $POLK for the long-run; I trade $DOT occasionally to hit certain goals but this is also a long-term hold.
- Holding my $SOL $AURY as Solana network is still fairly new.
- $ALGO is my main trading coin; I plan to sell half my order at 1.90 and hold off on other. This is just to TP for the day.
- Might pull the trigger on $MOVR and $RMRK today at current levels. Decision based on $ETH/$BTC movement.
